From its rough Himalayan peaks in the north to the salty Laccadive Sea in the south, India's terrain is about as diverse as its own economic story.

No longer renowned exclusively for its food, cricket and slums, the subcontinent is touted as the next beacon of hope for Australian investment.

How Australian businesses will engage with the world's fastest-growing large economy over the next five years is the focus of an economic strategy authored by University of Queensland chancellor and retired diplomat Peter Varghese.

Mr Varghese, a former Secretary of the Department of Foreign Affairs and Trade and High Commissioner to India, believes now is the time for Queensland businesses to buy into the Indian narrative.

"The kinds of things that a growing Indian economy is going to need are in many respects the kinds of things that Australia is well-prepared to supply," he says.

"This is the world's largest agricultural community, urbanising, it is a large informal economy which is formalising and it is a country with a young demography, a mean age of 27."

With 40 per cent of Australia's exports going to just two markets, China and Japan, Mr Varghese says India represents security in our economic interests.

"For any country, these days, moving into a much more uncertain global economic environment, the idea of spreading your risk and not putting too many eggs in one or two baskets becomes just prudent management," he says.

Australia's interest in India is a reciprocal one.

Indian Foreign Service diplomat Anil Wadhwa is authoring his country's plan for conducting business down under.

He argues Indian businesses have an equal opportunity to straddle Australia's ongoing economic growth.

"Very often we talk about the size of the market and the distance but I think these are misnomers," he said.

"While the size of the market might be limited when you compare it to the Indian size, Australia is an ideal strategic partner for India to achieve what we call a transformative and inclusive economic growth that is more democratic in nature."

Australia's 25.5 million population pales in comparison's to India's 1.3 billion, but we are a similar people, one of the continent's most well-known businessman believes.

Anand Mahindra, executive chairman of Mahindra Group speaks with Australian media in the company's Mumbai head office. Photo: Cameron Laird

Anand Mahindra, Chairman of the Mahindra Group, has invested in Australia since 2005.

The billionaire businessman, whose global company sells farm machinery, vehicles and IT services to Australia, says the two countries can form a natural social and trade partnership.

"The thing that Australia can count on first and foremost in any agreement… this (India) is a country that has the same values," he says.

"This is the largest democracy in the world.

"We may not look the same but the fact is that as far as what we feel about freedom and about democracy and its principles are identical. That's the bedrock of trust.

"When you look at what's happening in Hong Kong today it just shows you much more starkly what the differences are."